Zheshang Bank, one of the largest financial institutions of China has issued securities total worth of 66 million USD via its own proprietary blockchain platform, CoinDesk reports.
On 13th of August bank submitted the emission prospectus to the Shanghai Clearing House. At the same time, bank representatives reported that the securities will be backed by accounts receivable from various companies.
A few days later China Securities Journal reported that Zheshang Bank issued the assets on August 17th, becoming the first institution in the country to issue such securities.
Lianrong blockchain platform was launched by the bank to provide registered companies the opportunity to distribute assets secured by accounts receivable to investors.
Founded in 2004, Zheshang Bank is one of China’s 12 publicly traded financial companies that launched various initiatives related to distributed registry technology over the past year an a half.